A Reuters survey of oil analysts shows a cautious turn to more positive sentiment for crude
- Raised their average price forecasts for 2016 for the first time in 10 months
- Survey of 31 economists and analysts
- Forecast benchmark Brent crude would average $38.60 a barrel in Q2 2016
- & second quarter of this year
- For 2016, analysts raised their average Brent forecast to $40.90 a barrel (from $40.10 in last month's survey)
Citing:
- The prospect of an agreement among the world's largest producers to keep oil output at January's levels
- Decline in U.S. shale oil output
Most analysts in the survey agreed that the oil price may not have much reason to fall below January's lows, but softer demand projections and a weakening economic outlook could limit the scope for bigger gains
